What Happens To My Money After I Have Gone?

Although you will not be around to know exactly what is going on with what you left behind financially, you should find comfort in knowing that there is a process allowing everything to be distributed smoothly. This process is called probate and here is how it works.

Paying off your debts after death

The first big part of the probate process is making sure that any debts you left behind are properly taken care of so the burden of them does not financially fall of the shoulders of those you love. Vermont requires your representative to file a death notice that will inform everyone who is interested in your estate, including the creditors, that you are deceased.

Transferring your assets to your loved ones

The other major part of probate is transferring the remainder of your assets to those you loved that you left behind. This takes place after your debts are taken care of. This is the part that involves the reading of the will. Having a clear and concise will is very important for this process to go smoothly. It is not recommended to write your will on your own without having some help from a legal professional.

With the help of the estate planning that you did, you can rest assured that the probate process for your affairs will run smoothly.

Stephen A. Unsworth is admitted to practice in both Vermont and Maine, and has more than 30 years of experience in estate planning and business law. His mission is to provide quality estate planning services, including assistance with Living Trusts, Wills, Medicaid Planning, Probate, Trust Administration, Powers of Attorney, Special Needs Planning, and Family Limited Partnerships.

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